Quick Snapshot
Ferrari NV, the iconic Italian sports‑car maker, posted a solid second‑quarter performance. Net revenues climbed 8 % to €1.94 billion, and net profit rose 9 % to €463 million. The company raised its 2026 guidance for both revenue and earnings, citing stronger personalization sales and a healthy order book that already covers 2027. Market‑cap sits at €58.3 billion, and the stock closed at €339.80 on 28 July.
Revenue Growth Driven by Personalizations
Ferrari’s earnings show that higher‑margin customizations are a key driver. In Q2, sales from cars and spare parts grew 8 % to €1.63 billion. The richer product mix, especially the new F80 and the 12 Cilindri Manuale, lifted average selling prices. Racing and lifestyle revenue, though slightly lower in raw terms, contributed positively thanks to sponsorships and brand activations. Analysts note that personalization volumes are now a consistent contributor to revenue, suggesting a resilient demand base.
Earnings and Guidance Upswing
Adjusted EBITDA reached €755 million, a 7 % year‑over‑year increase. Operating profit climbed 10 % to €605 million. The company now projects 2026 adjusted EBITDA of at least €2.97 billion, up from the previous €2.93 billion target. Net revenue guidance is lifted to roughly €7.60 billion versus the earlier €7.50 billion estimate. These upgrades reflect the impact of stronger personalization sales and lower-than‑expected currency headwinds.
Market Reaction and Analyst Sentiment
The stock surged to a 52‑week high of €431.20 in October 2025 but has been trading near €340 today. A 7.05 % weekly gain and a modest 4.12 % monthly rise underline recent momentum, while the yearly decline of –10.97 % signals broader market softness for luxury autos. Jefferies keeps a “Buy” rating with a €380 target; Deutsche Bank Research also rates “Buy” and sets a €460 target. Bernstein Research calls it “Outperform.” These views reinforce confidence in Ferrari’s premium positioning and its ability to weather cyclical swings.
FERRARI NV Market Capitalization and Ratios
| Category | Value |
|---|---|
| Symbol | RACE.MI |
| ISIN | NL0011585146 |
| Last Close (07/28/2026) | €339.80 |
| Market Cap | $66,409,186,990.08 |
| P/E Ratio | 38.04 |
| Price/Sales Ratio | 8.38 |
| Price/Book Ratio | 16.28 |
| 52W High / Low | 431.20 / 269.00 EUR |
| Daily Change | -0.46% |
| Weekly Change | 7.23% |
| Monthly Change | 4.28% |
| Yearly Change | -10.82% |
| Shares Outstanding | 175,776,798 |
| Dividend | €1.14 |
| Exchange | Borsa Italiana Electronic Share Market (Europe/Rome) |
Risks and Catalysts
Key risks include tightening global automotive regulations, potential supply‑chain disruptions, and fluctuating currency rates, which can erode margin. The company’s reliance on a niche, high‑end customer base makes it sensitive to luxury‑spending cycles. On the upside, the firm’s robust order book for 2027 and the launch of the electric “Luce” model could provide new revenue streams once production ramps up. Analysts suggest monitoring the progression of the Luce and the performance of the 12 Cilindri lineup as potential catalysts.
Key Takeaway
Ferrari’s Q2 results confirm that personalization and a solid order pipeline underpin its revenue and earnings growth. While market volatility and regulatory headwinds remain, the company’s updated 2026 guidance and strong cash flow position it well for the medium term. Investors should keep an eye on the electric‑model rollout and the broader luxury‑auto demand cycle to gauge future performance.
